Girl, 6, and her siblings buy £386,000 HOME and it could be worth double by the time she’s 16… here’s how they did it

A SIX-YEAR-OLD girl and her siblings have bought a home together worth £386,000.

Ruby, Gus and Lucy McLellan from Melbourne, Australia, pooled together their pocket money to secure their very own property.

(Ruby and her siblings Gus and Lucy have bought their first home together)

(The property is located in Clyde near Melbourne and cost £386,000)

The house and land is located in rural suburb Clyde, near Melbourne’s south east and cost $671,000 (£386,000).

Dad Cam McLellan is a property investment expert and was pivotal in helping his kids buy into the booming market, according to 7news.

He explained how he had encouraged his children to buy their first home but made them work to save for the deposit. The 36-year-old said: “Financially they have each contributed $2000 and they have saved that up."

And the young trio were able to save up their pennies by helping do household chores and packing their father's how-to guide to investing.

The best-selling book, My Four Year Old, the Property Investor, was first published last November but has been relaunched and is dedicated to Cam's children.

He said: "It's written for my kids to use when they're old enough, so I've outlined all the steps it takes to build a property portfolio."

It's unclear whether the youngsters were able to put down the deposit from a personal bank account or whether it was made in their dad's name. In the UK however, a minor under the age of 18 cannot legally own land or property.

Their father has predicted that the house will double in value to roughly $1,342,000 (£770,000) in a decade.

Cam added: “The price on that block has already gone up $70,000 (£40,000), so they’ve done well so far." The children plan to keep the property for another decade before selling up in 2032 and splitting the profits. Over recent months, the Australian housing market has left many parents worried their kids will never be able to afford their own home.

In the UK, low income first-time buyers can get a 30% discount on property under a scheme that kicked off last year. Other schemes include the Help to Buy loan as well as the Lifetime Isa.

(Proud father Cam is a property investor and helped his kids make the purchase)

Ref: Girl, 6, and her siblings buy £386,000 HOME and it could be worth double by the time she’s 16… here’s how they did it (thesun)